OYO Parent PRISM Files Updated Draft Papers (UDRHP) With SEBI — ₹6,650 Cr IPO

OYO's parent company, PRISM (formerly Oravel Stays), has filed its Updated Draft Red Herring Prospectus (UDRHP) with SEBI, taking another step toward its public listing. This comes after the company received SEBI's approval earlier this month, following its confidential pre-filing in December 2025.

Here's a quick breakdown of what's changed and what the updated filing says.

Issue Structure

The IPO will be a 100% fresh issue worth up to ₹6,650 crore, with no Offer for Sale (OFS) component. This means existing shareholders — including SoftBank, founder Ritesh Agarwal, Microsoft, Airbnb, Peak XV, Lightspeed, Greenoaks and Khazanah — will not be selling any shares as part of this issue, and existing shareholders will not receive any proceeds because there is no OFS. However, their percentage shareholding will be diluted due to the issuance of new equity shares. 

The company may also carry out a pre-IPO placement of up to ₹1,330 crore. If this goes through, it would reduce the overall size of the fresh issue accordingly.

Key details from the filing:

• Face Value: ₹1 per share
• Retail Portion: 10% of the issue
• Listing: NSE and BSE

Lead Managers

PRISM has appointed eight book-running lead managers for the issue:

Axis Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, ICICI Securities, SBI Capital Markets, JM Financial, InCred Capital, and Intensive Fiscal Services.

Use of Proceeds

According to the filing, PRISM plans to use ₹4,987.5 crore of the net proceeds to repay or prepay borrowings, with the remaining amount earmarked for general corporate purposes.

Shareholding Pattern

As per the DRHP, SoftBank remains the largest shareholder with a 40.04% stake. Founder Ritesh Agarwal holds a combined 26.71% through RA Hospitality Holdings and in his personal capacity. Other notable holders include the Oravel Employee Welfare Trust (5.39%), Patient Capital (3.81%), Five Star Capital (2.77%), Lightspeed (1.74%), Airbnb (1.22%), and Peak XV Partners (1.06%).

Financial Performance

The updated filing comes on the back of a sharp improvement in financials. For the first nine months of FY26, PRISM reported:

• Revenue from operations: ₹6,941 crore
• Net profit: PRISM reported a net profit of ₹748 crore for the first nine months of FY26, compared with ₹245 crore for the full FY25. 

Business Scale

PRISM operates 43 brands across 35+ countries. As of December 31, 2025, its network included:

• 24,303* hotels
• 1,24,668* homes
• 1,48,971* total listings

In India, the company-serviced hotel business expanded to 1,573 storefronts, up from 1,053 at the end of FY25, now contributing nearly half of India's gross booking value (GBV).

On the international side, the US business contributed over 52% of global GBV in the nine-month period, following the G6 Hospitality acquisition, while the European homes business also saw significant growth. Direct channels accounted for 67.6% of stays, backed by a combined loyalty base of 26.4 million members across OYO Wizard and My6.

*As of December 31, 2025, per UDRHP

Valuation Expectations

PRISM is reportedly targeting a valuation in the $7-8 billion range — lower than what it had eyed during its previous listing attempt in 2021.

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